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DELTA PETROLEUM ANNOUNCES YEAR-END 1992 AUDITED FINANCIALS

 DENVER, March 15 /PRNewswire/ -- Delta Petroleum Corp. (OTC Bulletin Board: DPTR) today announced audited, consolidated financial results for the year-end 1992.
 Total assets increased to $13,724,738 from $2,800,283, and revenues increased to $817,574 from $223,222 in the previous year. Total expenses for 1992 were $5,332,646 compared to $379,254 due to a one-time write down of $4,126,890 connected to a reorganization during the fourth quarter. As a result, Delta showed a loss of $4,515,072 for the year, with a loss per common share of $3.19. Results for the year 1992 include consolidation of the results of Delta's subsidiary, Amber Resources Co., which were not included in prior periods.
 While this one-time write down greatly impacted 1992 earnings, highlights of the year included substantial increases in proved undeveloped reserves. With 2.8 million shares outstanding, the company has an undeveloped proved reserve base of 38,500,000 barrels of oil and equivalent natural gas based on Reserve Reports (1-1-93). The pre-tax net present value (discounted at 10 percent SEC case) of these reserves is in excess of $60,000,000.
 DELTA PETROLEUM CORP. AND SUBSIDIARY (CONSOLIDATED)
 Years Ended
 Dec. 31,
 1992 1991
 Assets $13,724,738 $2,800,283
 Liabilities 2,995,222 143,808
 Stockholders' equity 10,532,752 2,656,475
 Revenues 817,574 223,222
 Expenses 5,332,646(a) 379,254
 Net income (loss) (4,515,072) (156,032)
 Income (loss) per share (3.19) (.136)
 (a) Includes one-time write down of $4,126,890.
 Copies of the SEC Form 10K, containing audited financial information and unaudited reserve information, will be available prior to the end of March on request.
 Delta Petroleum is an oil and gas exploration and development company based in Denver. Holdings include interests in producing properties in the Anadarko Basin (Okla.), Denver-Julesburg Basin (Colo.) and Austin-Chalk Trend (Texas), and proven undeveloped offshore units located Offshore California.
 -0- 3/15/93
 /CONTACT: Scott R. Sieck of MDC Group, 407-896-0906, for Delta Petroleum/
 (DPTR)


CO: Delta Petroleum Corp. ST: Colorado IN: OIL SU: ERN

BB -- DV009 -- 6074 03/15/93 13:45 EST
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Date:Mar 15, 1993
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